Lord Abbett
Quarterly Portfolio Holdings Report
Lord Abbett
Diversification Shares - Enhanced Municipal Yield
Completion Fund
For the period ended April 30, 2026
Lord Abbett
Quarterly Portfolio Holdings Report
Lord Abbett
Diversification Shares - Enhanced Municipal Yield
Completion Fund
For the period ended April 30, 2026
Schedule of Investments (unaudited)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| LONG-TERM INVESTMENTS 98.87% | ||||||||||||||
| MUNICIPAL BONDS 98.87% | ||||||||||||||
| Corporate-Backed 16.81% | ||||||||||||||
| Arkansas Development Finance Authority-US Steel Corp AMT | 5.70% | 5/1/2053 | BB+ | $ | 1,000,000 | $ | 1,024,730 | |||||||
| Arkansas Development Finance Authority-Weyerhaeuser Co AMT | 3.875% | #(a) | 10/15/2065 | BBB | 2,270,000 | 2,271,486 | ||||||||
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT† | 5.00% | #(a) | 6/1/2055 | BB | 1,750,000 | 1,788,923 | ||||||||
| Black Ridge Infrastructure Financing District-Black Ridge Assessment Area UT | 5.50% | 12/1/2040 | NR | 2,000,000 | 2,026,830 | |||||||||
| Build NYC Resource Corp.-Pratt Paper Inc NY AMT† | 5.00% | 1/1/2035 | NR | 2,010,000 | 2,012,771 | |||||||||
| Cabot Citrus Farms Community Development District FL | 5.25% | 3/1/2029 | NR | 1,410,000 | 1,422,408 | |||||||||
| California Infrastructure & Economic Development Bank-DesertXpress Enterprises LLC AMT† | 12.00% | #(a) | 1/1/2065 | NR | 1,265,000 | 733,700 | ||||||||
| California Municipal Finance Authority-Clay Lacy Santa Ana LLC AMT†(b) | 5.00% | 1/1/2041 | NR | 350,000 | 351,012 | |||||||||
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT† | 5.00% | 11/21/2045 | Baa2 | 2,000,000 | 2,000,546 | |||||||||
| Chandler Industrial Development Authority-Intel Corp AZ AMT | 4.00% | #(a) | 6/1/2049 | BBB | 2,270,000 | 2,293,093 | ||||||||
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB+ | (c) | 1,500,000 | 1,523,871 | ||||||||
| Florida Development Finance Corp.-Waste Pro USA Inc AMT† | 4.45% | #(a) | 7/1/2037 | NR | 1,000,000 | 1,018,574 | ||||||||
| Florida Development Finance Corp.-Waste Pro USA Inc AMT† | 4.50% | 7/1/2032 | NR | 3,800,000 | 3,805,106 | |||||||||
| Fort Bend County Industrial Development Corp.-NRG Energy Inc TX | 4.75% | 5/1/2038 | Baa2 | 800,000 | 800,228 | |||||||||
| Grapevine Wash Local District-Grapevine Wash Local District Assessment Area No 1 UT† | 5.25% | 12/1/2044 | NR | 750,000 | 747,428 | |||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 4.75% | 5/1/2031 | NR | 835,000 | 861,970 | |||||||||
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.60% | 5/1/2044 | NR | 1,900,000 | 1,978,365 | |||||||||
| Illinois Finance Authority-LRS Holdings LLC AMT† | 7.375% | #(a) | 9/1/2042 | NR | 1,000,000 | 1,139,914 | ||||||||
| See Notes to Schedule of Investments. | 1 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Industrial Development Board of The City of Kingsport Tennessee-Domtar Paper Co LLC TN AMT† | 5.25% | #(a) | 12/1/2054 | B | $ | 2,000,000 | $ | 1,914,451 | ||||||
| Iowa Finance Authority-Howmet Aerospace Inc | 4.75% | 8/1/2042 | BBB+ | 2,905,000 | 2,905,574 | |||||||||
| Iowa Finance Authority-Iowa Fertilizer Co LLC | 5.00% | 12/1/2050 | AA+ | 100,000 | 113,185 | |||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority-Westlake Corp | 3.50% | 11/1/2032 | BBB | 4,440,000 | 4,335,900 | |||||||||
| Louisiana Public Facilities Authority-Waste Pro USA Inc LA AMT† | 4.375% | #(a) | 5/1/2053 | NR | 2,000,000 | 2,022,740 | ||||||||
| Maryland Economic Development Corp.-Core Natural Resources Inc† | 5.00% | #(a) | 7/1/2048 | NR | 1,200,000 | 1,277,284 | ||||||||
| Matagorda County Navigation District No. 1-AEP Texas Inc | 2.60% | 11/1/2029 | BBB+ | 1,590,000 | 1,549,538 | |||||||||
| Matagorda County Navigation District No. 1-AEP Texas Inc (AMBAC) | 4.40% | 5/1/2030 | BBB+ | 3,060,000 | 3,181,641 | |||||||||
| Mission Economic Development Corp.-Natgasoline LLC TX AMT† | 4.625% | 10/1/2031 | BB- | 1,600,000 | 1,603,948 | |||||||||
| Mississippi Business Finance Corp.-Waste Pro USA Inc AMT† | 4.375% | #(a) | 2/1/2048 | NR | 1,250,000 | 1,256,255 | ||||||||
| New Hampshire Business Finance Authority-Reworld Holding Corp† | 4.625% | 11/1/2042 | B- | 1,750,000 | 1,542,149 | |||||||||
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% | 7/1/2028 | BBB+ | 1,010,000 | 1,010,666 | |||||||||
| New York Liberty Development Corp.-3 World Trade Center LLC† | 5.00% | 11/15/2044 | NR | 4,695,000 | 4,698,746 | |||||||||
| New York Transportation Development Corp.-American Airlines Inc AMT | 3.00% | 8/1/2031 | BB | (c) | 1,000,000 | 959,541 | ||||||||
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% | 8/1/2031 | B+ | 3,000,000 | 2,995,660 | |||||||||
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 1,000,000 | 1,038,828 | |||||||||
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa2 | 3,500,000 | 3,657,291 | |||||||||
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT† | 4.75% | 11/1/2042 | B- | 1,250,000 | 1,118,046 | |||||||||
| Ohio Air Quality Development Authority-American Electric Power Co Inc AMT | 2.60% | #(a) | 6/1/2041 | BBB | 115,000 | 111,429 | ||||||||
| Ohio Air Quality Development Authority-AMG Vanadium LLC AMT† | 5.00% | 7/1/2049 | B3 | 1,000,000 | 911,705 | |||||||||
| 2 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Corporate-Backed (continued) | ||||||||||||||
| Parish of St. James-NuStar Logistics LP LA† | 6.35% | 7/1/2040 | BB+ | $ | 2,500,000 | $ | 2,708,135 | |||||||
| Phenix City Industrial Development Board-WestRock Coated Board LLC AL AMT | 4.125% | 5/15/2035 | BBB | 2,575,000 | 2,575,401 | |||||||||
| Phenix City Industrial Development Board AL | 3.625% | 5/15/2030 | BBB | 45,000 | 45,003 | |||||||||
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT† | 5.00% | 1/1/2039 | NR | 1,100,000 | 1,074,845 | |||||||||
| Port of Seattle Industrial Development Corp.-Delta Air Lines Inc WA AMT | 5.00% | 4/1/2030 | BBB- | 1,000,000 | 1,001,186 | |||||||||
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2036 | NR | 300,000 | 290,144 | |||||||||
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% | 7/1/2041 | NR | 1,000,000 | 937,964 | |||||||||
| Tulsa Airports Improvement Trust-American Airlines Inc OK AMT | 5.50% | 12/1/2035 | NR | 1,260,000 | 1,260,099 | |||||||||
| Tuscaloosa County Industrial Development Authority-Hunt Refining Co AL† | 5.25% | 5/1/2044 | NR | 1,000,000 | 1,007,469 | |||||||||
| Village Community Development District No. 15 FL† | 5.00% | 5/1/2043 | NR | 990,000 | 1,009,498 | |||||||||
| Total | 77,915,276 | |||||||||||||
| Education 9.32% | ||||||||||||||
| Arizona Industrial Development Authority-BASIS Schools Inc Obligated Group† | 5.00% | 7/1/2037 | BB+ | 2,000,000 | 2,005,183 | |||||||||
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc† | 5.125% | 6/15/2040 | Ba2 | 600,000 | 616,012 | |||||||||
| California Enterprise Development Authority-Milken Community School | 5.00% | 7/1/2033 | BBB+ | 400,000 | 445,338 | |||||||||
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL† | 5.00% | 6/15/2039 | NR | 830,000 | 814,439 | |||||||||
| Clifton Higher Education Finance Corp.-Aristoi Classical Academy TX | 5.00% | 8/15/2040 | BB | 3,000,000 | 2,944,329 | |||||||||
| Development Authority Of The City Of Marietta-Life University Inc GA† | 5.00% | 11/1/2037 | B1 | 1,500,000 | 1,461,170 | |||||||||
| District of Columbia-Georgetown University | 5.00% | #(a) | 4/1/2060 | A- | 1,000,000 | 1,100,849 | ||||||||
| Dutchess County Local Development Corp.-Bard College NY | 5.00% | 7/1/2045 | BBB+ | 1,550,000 | 1,559,249 | |||||||||
| See Notes to Schedule of Investments. | 3 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2025 Obligated Group† | 5.50% | 6/15/2040 | Ba1 | $ | 900,000 | $ | 948,824 | |||||||
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group† | 6.00% | 7/1/2045 | BB+ | 2,500,000 | 2,553,904 | |||||||||
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% | 9/1/2036 | Ba2 | 1,725,000 | 1,693,237 | |||||||||
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2035 | BB+ | 1,000,000 | 1,000,172 | |||||||||
| Iowa Higher Education Loan Authority-University of Dubuque | 5.00% | 10/1/2031 | BBB- | 1,440,000 | 1,519,570 | |||||||||
| Massachusetts Development Finance Agency-Emerson College | 5.00% | 10/1/2043 | Baa3 | 1,500,000 | 1,466,715 | |||||||||
| Massachusetts Development Finance Agency-Emerson College | 5.25% | 1/1/2042 | BBB+ | 2,010,000 | 2,018,051 | |||||||||
| Massachusetts Development Finance Agency-Emmanuel College | 5.00% | 10/1/2036 | Baa3 | 1,465,000 | 1,465,800 | |||||||||
| Massachusetts Development Finance Agency-Suffolk University | 5.50% | 7/1/2041 | Baa3 | 2,995,000 | 3,196,616 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Lipscomb University Obligated Group TN | 5.00% | 10/1/2036 | BBB- | 1,000,000 | 1,012,601 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Lipscomb University Obligated Group TN | 5.00% | 10/1/2037 | BBB- | 1,000,000 | 1,009,589 | |||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Lipscomb University Obligated Group TN | 5.00% | 10/1/2038 | BBB- | 1,585,000 | 1,595,723 | |||||||||
| New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC) | 3.304% (CPI YoY + 0.89% | ) | 3/1/2027 | Baa1 | 255,000 | 255,345 | ||||||||
| Ohio Air Quality Development Authority-Duke Energy Corp AMT | 4.25% | #(a) | 11/1/2039 | BBB | 1,500,000 | 1,512,859 | ||||||||
| Oklahoma Development Finance Authority-Oklahoma City University Obligated Group | 5.00% | 8/1/2044 | BBB- | 1,490,000 | 1,434,873 | |||||||||
| Public Finance Authority-UMA Education Inc WI† | 5.00% | 10/1/2034 | BB+ | 2,500,000 | 2,574,858 | |||||||||
| 4 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Education (continued) | ||||||||||||||
| Public Finance Authority-Wingate University WI | 5.25% | 10/1/2038 | BBB- | $ | 1,000,000 | $ | 989,025 | |||||||
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ† | 5.00% | 6/15/2034 | NR | 1,730,000 | 1,752,302 | |||||||||
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ† | 5.00% | 6/15/2044 | NR | 1,670,000 | 1,561,442 | |||||||||
| South Carolina Jobs-Economic Development Authority-American Leadership Academy-Lexington | 5.50% | 6/15/2033 | NR | 1,850,000 | 1,824,731 | |||||||||
| Troy Capital Resource Corp.-Rensselaer Polytechnic Institute NY(b) | 5.00% | 9/1/2039 | A3 | 820,000 | 892,975 | |||||||||
| Total | 43,225,781 | |||||||||||||
| General Obligation 5.29% | ||||||||||||||
| Black Desert Public Infrastructure District UT GO† | 3.75% | 3/1/2041 | NR | 1,000,000 | 906,711 | |||||||||
| California Community Choice Financing Authority | 5.25% | #(a) | 1/1/2054 | Baa1 | 1,745,000 | 1,847,139 | ||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2030 | BB+ | 1,000,000 | 1,017,674 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2032 | BB+ | 1,105,000 | 1,118,585 | |||||||||
| Chicago Board of Education IL GO | 5.00% | 12/1/2040 | BB+ | 4,000,000 | 3,958,129 | |||||||||
| Chicago Board of Education IL GO | 5.25% | 12/1/2039 | BB+ | 1,765,000 | 1,752,322 | |||||||||
| City of Chicago IL GO | 6.00% | 1/1/2044 | BBB | 1,000,000 | 1,084,857 | |||||||||
| Commonwealth of Puerto Rico GO | Zero Coupon | 7/1/2033 | NR | 1,005,787 | 729,793 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | 5,130,000 | 4,997,436 | |||||||||
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2041 | NR | 5,106,000 | 4,784,499 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 209,773 | 213,681 | |||||||||
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2029 | NR | 124,000 | 130,566 | |||||||||
| Jefferson County Civic Facility Development Corp.-Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | 885,000 | 881,293 | |||||||||
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2038 | Baa2 | 1,000,000 | 1,085,583 | |||||||||
| Total | 24,508,268 | |||||||||||||
| See Notes to Schedule of Investments. | 5 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care 18.99% | ||||||||||||||
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2036 | BBB | $ | 750,000 | $ | 806,174 | |||||||
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2041 | BBB+ | (c) | 1,250,000 | 1,250,912 | ||||||||
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 1,556,000 | 1,168,953 | |||||||||
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 3,075,000 | 2,891,005 | |||||||||
| Bucks County Industrial Development Authority-Grand View Hospital/Sellersville Obligated Group PA | 4.00% | 7/1/2046 | BBB+ | 245,000 | 219,901 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2030 | B | 1,105,000 | 1,104,939 | |||||||||
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B | 350,000 | 336,969 | |||||||||
| Build NYC Resource Corp.-RiverSpring Health Senior Living Inc Obligated Group NY | 5.00% | 12/15/2031 | NR | 1,500,000 | 1,491,501 | |||||||||
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.25% | 12/1/2040 | BBB+ | 4,230,000 | 4,599,184 | |||||||||
| California Municipal Finance Authority Palomar Health Obligated Group AG | 5.25% | 11/1/2035 | AA | 1,000,000 | 1,050,524 | |||||||||
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group† | 5.00% | 12/1/2026 | BB+ | 100,000 | 100,097 | |||||||||
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group† | 5.00% | 12/1/2036 | BB+ | 1,000,000 | 1,000,812 | |||||||||
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group† | 5.25% | 12/1/2043 | BB+ | 1,475,000 | 1,504,801 | |||||||||
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group | 5.25% | 12/1/2044 | BB+ | 635,000 | 635,249 | |||||||||
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group† | 5.25% | 12/1/2048 | BB+ | 2,500,000 | 2,519,528 | |||||||||
| 6 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Capital Trust Authority-AIDS Healthcare Foundation Obligated Group FL | 4.75% | 12/1/2042 | Baa2 | $ | 500,000 | $ | 503,171 | |||||||
| City of Minneapolis-Fairview Health Services Obligated Group MN | 4.00% | 11/15/2037 | BBB+ | 2,660,000 | 2,635,258 | |||||||||
| City of Minneapolis-Fairview Health Services Obligated Group MN | 5.00% | 11/15/2035 | BBB+ | 2,890,000 | 2,966,552 | |||||||||
| City of Tallahassee-Tallahassee Memorial HealthCare Inc FL | 5.00% | 12/1/2044 | Baa1 | 2,340,000 | 2,340,074 | |||||||||
| Connecticut State Health & Educational Facilities Authority-Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 560,000 | 527,016 | |||||||||
| Connecticut State Health & Educational Facilities Authority-Nuvance Health Obligated Group | 5.00% | 7/1/2033 | BBB+ | 130,000 | 134,855 | |||||||||
| County of Cuyahoga-MetroHealth System OH | 5.00% | 2/15/2037 | BBB- | 2,000,000 | 2,007,844 | |||||||||
| County of Cuyahoga-MetroHealth System OH | 5.00% | 2/15/2042 | BBB- | 750,000 | 744,872 | |||||||||
| County of Muskingum-Genesis Healthcare System Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 2,025,000 | 2,024,932 | |||||||||
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 1,500,000 | 1,596,939 | |||||||||
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA† | 5.00% | 7/1/2031 | NR | 30,000 | 31,707 | |||||||||
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 4.00% | 7/1/2034 | BBB+ | 580,000 | 580,265 | |||||||||
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 2,925,000 | 2,892,572 | |||||||||
| Greeneville Health & Educational Facilities Board-Ballad Health Obligated Group TN | 5.00% | 7/1/2036 | A- | 500,000 | 514,190 | |||||||||
| Greeneville Health & Educational Facilities Board-Ballad Health Obligated Group TN | 5.00% | 7/1/2037 | A- | 500,000 | 513,269 | |||||||||
| King County Public Hospital District No. 4 WA | 6.625% | 12/1/2045 | NR | 1,500,000 | 1,519,682 | |||||||||
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 5.50% | 5/1/2040 | NR | 2,145,000 | 2,322,541 | |||||||||
| Maryland Health & Higher Educational Facilities Authority-TidalHealth Obligated Group | 4.00% | 7/1/2036 | A- | 2,800,000 | 2,817,458 | |||||||||
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2033 | BBB | 1,000,000 | 1,001,736 | |||||||||
| See Notes to Schedule of Investments. | 7 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2035 | BBB | $ | 260,000 | $ | 260,377 | |||||||
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% | 7/1/2036 | BBB- | 2,000,000 | 2,025,556 | |||||||||
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 3,330,000 | 3,287,301 | |||||||||
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.50% | 10/1/2037 | BBB- | 1,855,000 | 2,034,588 | |||||||||
| Minnesota Agricultural & Economic Development Board-Fairview Health Services Obligated Group(b) | 5.00% | 11/15/2036 | BBB+ | 1,500,000 | 1,663,747 | |||||||||
| Monroe County Industrial Development Corp.-Rochester Regional Health Obligated Group NY | 5.00% | 12/1/2032 | BBB+ | 845,000 | 849,052 | |||||||||
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 1,000,000 | 1,000,221 | |||||||||
| New Jersey Health Care Facilities Financing Authority-St Joseph’s Healthcare System Obligated Group | 4.00% | 7/1/2034 | BBB- | 500,000 | 488,224 | |||||||||
| New York State Dormitory Authority-Catholic Health System Obligated Group | 3.00% | 7/1/2033 | B | 160,000 | 137,296 | |||||||||
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2038 | B | 2,205,000 | 1,931,311 | |||||||||
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2039 | B | 1,585,000 | 1,373,059 | |||||||||
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group† | 5.00% | 12/1/2031 | Ba3 | 1,000,000 | 998,962 | |||||||||
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 425,000 | 407,303 | |||||||||
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 720,000 | 674,789 | |||||||||
| New York State Dormitory Authority-Montefiore Obligated Group | 5.00% | 11/1/2035 | BBB- | 1,360,000 | 1,474,590 | |||||||||
| New York State Dormitory Authority-Montefiore Obligated Group | 5.00% | 11/1/2036 | BBB- | 1,620,000 | 1,748,673 | |||||||||
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2030 | BBB- | 250,000 | 265,749 | |||||||||
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 650,000 | 657,912 | |||||||||
| 8 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Health Care (continued) | ||||||||||||||
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB+ | $ | 2,225,000 | $ | 2,245,103 | |||||||
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2041 | NR | 285,000 | 292,260 | |||||||||
| Palm Beach County Health Facilities Authority-Lifespace Communities Inc Obligated Group FL | 5.00% | 5/15/2033 | BBB | (c) | 1,000,000 | 1,009,169 | ||||||||
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | CCC+ | 50,000 | 49,504 | |||||||||
| Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA | 6.00% | 6/1/2045 | BBB- | (c) | 650,000 | 697,022 | ||||||||
| Public Finance Authority-Bancroft Neurohealth Obligated Group WI† | 4.625% | 6/1/2036 | NR | 125,000 | 122,897 | |||||||||
| Public Finance Authority-Bancroft Neurohealth Obligated Group WI† | 5.00% | 6/1/2036 | NR | 1,480,000 | 1,480,076 | |||||||||
| Public Finance Authority-RBS Evolution LLC WI† | 10.00% | 11/1/2038 | NR | 150,000 | 167,106 | |||||||||
| Rhode Island Health & Educational Building Corp.-Care New England Health System Obligated Group | 5.00% | 9/1/2031 | NR | 1,250,000 | 1,251,181 | |||||||||
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 3,000,000 | 3,081,522 | |||||||||
| South Carolina Jobs-Economic Development Authority-Wesley Commons Obligated Group | 5.50% | 10/1/2045 | NR | 775,000 | 791,785 | |||||||||
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2043 | B | (c) | 1,250,000 | 1,221,753 | ||||||||
| Vermont Educational & Health Buildings Financing Agency-University of Vermont Health Network Obligated Group | 5.00% | 12/1/2035 | A | 500,000 | 500,369 | |||||||||
| Washington State Housing Finance Commission-Horizon House Obligated Group | 4.375% | 1/1/2033 | BB | (c) | 2,865,000 | 2,853,202 | ||||||||
| Westchester County Health Care Corp Obligated Group NY | 5.00% | 11/1/2046 | BB | 2,045,000 | 1,908,791 | |||||||||
| Westchester County Local Development Corp.-QSH/Tarrytown LLC NY† | 6.00% | 12/1/2045 | NR | 725,000 | 744,700 | |||||||||
| Total | 88,050,632 | |||||||||||||
| See Notes to Schedule of Investments. | 9 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Housing 6.82% | ||||||||||||||
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB+ | $ | 928,629 | $ | 896,149 | |||||||
| California Municipal Finance Authority | 4.327% | #(a) | 11/20/2040 | AA- | 1,991,684 | 1,976,153 | ||||||||
| California Municipal Finance Authority | 4.327% | #(a) | 11/20/2040 | BBB | 1,105,385 | 1,045,489 | ||||||||
| California Municipal Finance Authority-CHF-Davis I LLC | 5.00% | 5/15/2037 | Baa3 | 1,405,000 | 1,450,534 | |||||||||
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2056 | Aa1 | 500,000 | 563,634 | |||||||||
| Indiana Finance Authority-SFP-PUFW I LLC | 4.00% | 7/1/2034 | BBB- | 250,000 | 251,360 | |||||||||
| Miami-Dade County Industrial Development Authority-PRG-Casa Properties LLC FL† | 5.375% | #(a) | 7/1/2065 | NR | 2,400,000 | 2,482,052 | ||||||||
| Michigan State Housing Development Authority | 6.00% | 12/1/2056 | AA+ | 2,000,000 | 2,223,705 | |||||||||
| Nebraska Investment Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 9/1/2055 | AAA | 1,000,000 | 1,109,187 | |||||||||
| New Hampshire Business Finance Authority | 4.125% | #(a) | 4/20/2043 | AA- | 2,498,122 | 2,451,722 | ||||||||
| New Hampshire Business Finance Authority | 4.219% | #(a) | 11/20/2042 | BBB | 1,444,814 | 1,348,959 | ||||||||
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 985,870 | 1,002,763 | |||||||||
| New Hampshire Business Finance Authority | 4.75% | #(a) | 6/20/2041 | AA- | 1,993,911 | 2,053,799 | ||||||||
| New Hampshire Business Finance Authority | 5.75% | 4/28/2042 | BBB | 646,020 | 664,702 | |||||||||
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% | 12/15/2031 | NR | 750,000 | 772,868 | |||||||||
| Oklahoma Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% | 3/1/2057 | Aaa | 2,995,000 | 3,416,353 | |||||||||
| Pennsylvania Housing Finance Agency | 6.25% | 10/1/2055 | Aa1 | 3,000,000 | 3,390,772 | |||||||||
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 11/1/2056 | AAA | 1,500,000 | 1,684,992 | |||||||||
| Texas Department of Housing & Community Affairs (GNMA) | 6.25% | 1/1/2056 | AA+ | 2,000,000 | 2,240,601 | |||||||||
| Washington State Housing Finance Commission | 3.50% | 12/20/2035 | BBB+ | 629,362 | 607,560 | |||||||||
| Total | 31,633,354 | |||||||||||||
| Lease Obligations 1.99% | ||||||||||||||
| Metropolitan Pier & Exposition Authority-State of Illinois McCormick Place Expansion Project Fund | Zero Coupon | 6/15/2036 | A | 4,025,000 | 2,744,216 | |||||||||
| New Jersey Economic Development Authority-State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% | 7/1/2034 | Baa2 | 1,870,000 | 1,874,056 | |||||||||
| 10 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Lease Obligations (continued) | ||||||||||||||
| New Jersey Transportation Trust Fund Authority-State of New Jersey (AG) | Zero Coupon | 12/15/2034 | AA | $ | 2,000,000 | $ | 1,499,824 | |||||||
| Pennsylvania Economic Development Financing Authority-PA Bridges Finco LP | 5.00% | 6/30/2042 | BBB | 3,105,000 | 3,106,205 | |||||||||
| Total | 9,224,301 | |||||||||||||
| Other Revenue 2.98% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 6.00% | 5/1/2042 | NR | 1,935,000 | 1,997,831 | |||||||||
| Allentown Neighborhood Improvement Zone Development Authority PA† | 5.50% | 5/1/2032 | Ba2 | 1,450,000 | 1,560,148 | |||||||||
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | 5.00% | 7/15/2042 | Ba1 | 3,380,000 | 3,390,634 | |||||||||
| Illinois Finance Authority-Field Museum of Natural History | 3.698% (SOFR * .70 + 1.15% | )# | 11/1/2034 | A1 | 1,065,000 | 1,066,893 | ||||||||
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ† | 5.00% | 7/1/2046 | BB+ | 2,000,000 | 1,909,995 | |||||||||
| Public Finance Authority-Inperium Inc Obligated Group WI† | 5.00% | 12/1/2034 | NR | 205,000 | 213,892 | |||||||||
| Public Finance Authority-Inperium Inc Obligated Group WI† | 5.50% | 12/1/2044 | NR | 1,500,000 | 1,539,247 | |||||||||
| Territory of Guam | 5.00% | 1/1/2036 | Baa3 | 1,950,000 | 2,120,437 | |||||||||
| Total | 13,799,077 | |||||||||||||
| Pollution Control 1.26% | ||||||||||||||
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT† | 4.30% | #(a) | 3/1/2056 | BB | 1,000,000 | 980,794 | ||||||||
| Finance Authority of Maine-Casella Waste Systems Inc AMT† | 4.625% | #(a) | 12/1/2047 | B+ | 500,000 | 521,826 | ||||||||
| Finance Authority of Maine-Casella Waste Systems Inc AMT† | 5.00% | 8/1/2035 | B+ | 1,050,000 | 1,104,143 | |||||||||
| Florida Development Finance Corp.-GFL Solid Waste Southeast LLC AMT† | 4.375% | #(a) | 10/1/2054 | BB | 3,225,000 | 3,244,426 | ||||||||
| Total | 5,851,189 | |||||||||||||
| See Notes to Schedule of Investments. | 11 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Special Tax 1.75% | ||||||||||||||
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Center City Investment Corp Revenue PA† | 5.25% | 5/1/2042 | NR | $ | 370,000 | $ | 382,820 | |||||||
| Allentown Neighborhood Improvement Zone Development Authority-Allentown Neighborhood Improvement Zone Total Waterfront Revenue PA† | 5.25% | 5/1/2042 | NR | 250,000 | 256,017 | |||||||||
| American Samoa Economic Development Authority† | 5.00% | 9/1/2033 | Ba3 | 1,000,000 | 1,045,523 | |||||||||
| City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV† | 6.50% | 6/1/2045 | NR | 1,000,000 | 1,032,532 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% | 11/15/2029 | NR | 255,000 | 249,265 | |||||||||
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 595,000 | 577,145 | |||||||||
| New York City Industrial Development Agency-Yankee Stadium LLC (AG) | 3.00% | 3/1/2038 | AA | 2,000,000 | 1,822,943 | |||||||||
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | 3.00% | 3/1/2036 | AA | 1,655,000 | 1,568,157 | |||||||||
| Peninsula Town Center Community Development Authority VA† | 4.50% | 9/1/2028 | NR | 130,000 | 131,041 | |||||||||
| West Villages Improvement District Unit of Development No. 7 FL | 4.25% | 5/1/2029 | NR | 315,000 | 317,382 | |||||||||
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 700,000 | 724,745 | |||||||||
| Total | 8,107,570 | |||||||||||||
| Tax Revenue 4.28% | ||||||||||||||
| City of Garden City-STAR Bond District KS† | 4.25% | 6/1/2033 | NR | 250,000 | 249,818 | |||||||||
| City of Wichita Bond District Phase III KS†(b) | 4.125% | 9/1/2033 | NR | 410,000 | 409,776 | |||||||||
| Downtown Daybreak Public Infrastructure District No. 1-City of South Jordan South Station Housing and Transit Reinvestment Zone Tax Allocation UT† | 5.00% | 3/1/2041 | NR | 600,000 | 607,367 | |||||||||
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2032 | NR | 1,000,000 | 1,040,786 | |||||||||
| 12 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Tax Revenue (continued) | ||||||||||||||
| Mida Mountain Village Public Infrastructure District-Military Installation Development Authority Military Recreation Facilities Project Area Tax Allocation UT† | 5.50% | 6/15/2039 | NR | $ | 375,000 | $ | 386,488 | |||||||
| Mida Mountain Village Public Infrastructure District Tax Allocation UT† | 5.25% | 6/1/2045 | NR | 875,000 | 895,350 | |||||||||
| Military Installation Development Authority Military Recreation Facilities Project Area UT | 4.00% | 6/1/2041 | NR | 2,965,000 | 2,809,854 | |||||||||
| Public Finance Authority-Southeast Overtown Park West Community Redevelopment Agency Tax Allocation WI† | 5.00% | 6/1/2041 | NR | 2,100,000 | 2,110,553 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 4,813,000 | 4,770,461 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 2,053,000 | 2,034,855 | |||||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 4,550,000 | 4,550,260 | |||||||||
| Total | 19,865,568 | |||||||||||||
| Tobacco 0.51% | ||||||||||||||
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CC | 20,114 | 18,650 | |||||||||
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 1,000,000 | 571,579 | |||||||||
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 2,100,000 | 1,759,831 | |||||||||
| Total | 2,350,060 | |||||||||||||
| Transportation 19.93% | ||||||||||||||
| Alameda Corridor Transportation Authority CA (NATL) | Zero Coupon | 10/1/2034 | A- | 1,000,000 | 756,354 | |||||||||
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2042 | BBB+ | 1,635,000 | 1,790,974 | |||||||||
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 6/30/2031 | BB+ | (c) | 2,125,000 | 2,200,578 | ||||||||
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2035 | BB+ | (c) | 50,000 | 51,363 | ||||||||
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ | (c) | 1,000,000 | 1,013,335 | ||||||||
| Chicago O’Hare International Airport-TRIPS Obligated Group IL AMT | 5.00% | 7/1/2038 | BBB+ | 1,050,000 | 1,071,045 | |||||||||
| See Notes to Schedule of Investments. | 13 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| City & County of Denver-United Airlines Inc CO AMT | 5.00% | 10/1/2032 | BB+ | $ | 1,000,000 | $ | 1,000,864 | |||||||
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.25% | 7/15/2034 | Ba2 | 1,000,000 | 1,067,110 | |||||||||
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% | 7/15/2035 | Ba2 | 500,000 | 540,879 | |||||||||
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% | 7/15/2036 | Ba2 | 1,890,000 | 2,031,288 | |||||||||
| County of Lee Airport Revenue FL AMT | 5.00% | #(a) | 10/1/2056 | A2 | 1,225,000 | 1,317,597 | ||||||||
| Eagle County Airport Terminal Corp. CO AMT | 5.00% | 5/1/2041 | Baa2 | 580,000 | 581,618 | |||||||||
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT† | 4.80% | #(a) | 12/1/2043 | BBB+ | 4,250,000 | 4,399,022 | ||||||||
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.00% | 12/31/2040 | Baa3 | 1,500,000 | 1,546,950 | |||||||||
| New Jersey Economic Development Authority-DRP Urban Renewal 4 LLC AMT† | 6.375% | 1/1/2035 | NR | 1,000,000 | 1,049,276 | |||||||||
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa2 | 1,140,000 | 1,126,087 | |||||||||
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 1,370,000 | 1,406,491 | |||||||||
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 6,000,000 | 6,356,566 | |||||||||
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 1,180,000 | 1,298,159 | |||||||||
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 2.50% | 10/31/2031 | BBB- | (c) | 500,000 | 446,917 | ||||||||
| New York Transportation Development Corp.-JFK International Air Terminal LLC | 4.00% | 12/1/2040 | Baa1 | 2,000,000 | 1,936,206 | |||||||||
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% | 12/1/2042 | Baa1 | 2,710,000 | 2,527,875 | |||||||||
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2032 | Baa1 | 2,950,000 | 3,207,529 | |||||||||
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2035 | Baa1 | 1,680,000 | 1,799,672 | |||||||||
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2036 | Baa1 | 300,000 | 319,690 | |||||||||
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2039 | Baa1 | 4,645,000 | 4,878,922 | |||||||||
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2041 | Baa1 | 1,185,000 | 1,236,146 | |||||||||
| 14 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2040 | Baa3 | $ | 1,425,000 | $ | 1,606,791 | |||||||
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2041 | Baa3 | 1,250,000 | 1,403,051 | |||||||||
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 2,040,000 | 2,122,454 | |||||||||
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 1,835,000 | 1,830,744 | |||||||||
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 7/1/2031 | AA | 1,000,000 | 1,000,056 | |||||||||
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC AMT | 5.00% | 7/1/2041 | Baa2 | 2,515,000 | 2,515,927 | |||||||||
| Pennsylvania Economic Development Financing Authority-PA Bridges Finco LP | 5.00% | 12/31/2034 | BBB | 2,240,000 | 2,243,737 | |||||||||
| Pennsylvania Economic Development Financing Authority-PA Bridges Finco LP | 5.00% | 12/31/2038 | BBB | 1,100,000 | 1,100,812 | |||||||||
| Public Finance Authority-Million Air Three Obligated Group WI AMT† | 5.50% | 9/1/2030 | NR | 200,000 | 207,514 | |||||||||
| Public Finance Authority-Million Air Three Obligated Group WI AMT† | 5.75% | 9/1/2035 | NR | 250,000 | 260,123 | |||||||||
| Public Finance Authority-Sky Harbour Capital III LLC Obligated Group WI AMT† | 6.00% | #(a) | 7/1/2060 | NR | 2,500,000 | 2,541,222 | ||||||||
| Texas Private Activity Bond Surface Transportation Corp.-LBJ Infrastructure Group LLC | 4.00% | 6/30/2037 | Baa1 | 4,105,000 | 4,071,454 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.375% | 6/30/2037 | Baa1 | 1,065,000 | 1,125,674 | |||||||||
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.50% | 6/30/2040 | Baa1 | 1,900,000 | 2,001,693 | |||||||||
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% | 12/1/2035 | B+ | 1,360,000 | 1,533,722 | |||||||||
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 4.00% | 1/1/2039 | BBB | 1,035,000 | 1,015,642 | |||||||||
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 4.00% | 1/1/2040 | BBB | 3,155,000 | 3,062,865 | |||||||||
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 4.00% | 1/1/2041 | BBB | 2,470,000 | 2,366,234 | |||||||||
| See Notes to Schedule of Investments. | 15 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||
| Transportation (continued) | ||||||||||||||
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 4.00% | 1/1/2042 | BBB | $ | 1,025,000 | $ | 969,686 | |||||||
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% | 1/1/2033 | BBB | 1,000,000 | 1,074,888 | |||||||||
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% | 1/1/2036 | BBB | 350,000 | 368,734 | |||||||||
| Virginia Small Business Financing Authority-Elizabeth River Crossings OpCo LLC AMT | 4.00% | 7/1/2030 | BBB | 1,030,000 | 1,050,495 | |||||||||
| Virginia Small Business Financing Authority-Elizabeth River Crossings OpCo LLC AMT | 4.00% | 7/1/2033 | BBB | 1,000,000 | 1,009,211 | |||||||||
| Virginia Small Business Financing Authority-Elizabeth River Crossings OpCo LLC AMT | 4.00% | 1/1/2036 | BBB | 4,000,000 | 3,972,620 | |||||||||
| Virginia Small Business Financing Authority-Elizabeth River Crossings OpCo LLC AMT | 4.00% | 1/1/2038 | BBB | 2,130,000 | 2,088,620 | |||||||||
| Virginia Small Business Financing Authority-Elizabeth River Crossings OpCo LLC AMT | 4.00% | 1/1/2039 | BBB | 3,000,000 | 2,912,278 | |||||||||
| Total | 92,414,760 | |||||||||||||
| Utilities 8.94% | ||||||||||||||
| Black Belt Energy Gas District AL | 4.00% | #(a) | 12/1/2052 | Baa1 | 1,035,000 | 1,043,254 | ||||||||
| Black Belt Energy Gas District AL | 5.00% | 10/1/2035 | A2 | 1,500,000 | 1,505,414 | |||||||||
| Black Belt Energy Gas District AL | 5.00% | 6/1/2036 | Baa2 | 5,000,000 | 5,157,132 | |||||||||
| Black Belt Energy Gas District AL† | 5.50% | #(a) | 11/1/2056 | BBB- | 3,365,000 | 3,565,734 | ||||||||
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT† | 5.00% | 7/1/2037 | Baa2 | 220,000 | 220,257 | |||||||||
| Delaware State Economic Development Authority-NRG Energy Inc | 4.00% | #(a) | 10/1/2045 | BBB- | 4,680,000 | 4,686,793 | ||||||||
| Florida Development Finance Corp.-Waste Pro USA Inc AMT | 3.00% | 6/1/2032 | NR | 2,000,000 | 1,864,447 | |||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2035 | A- | 610,000 | 676,752 | |||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2036 | A- | 585,000 | 640,989 | |||||||||
| Guam Government Waterworks Authority | 5.00% | 7/1/2037 | A- | 820,000 | 891,342 | |||||||||
| Main Street Natural Gas, Inc. GA† | 4.00% | #(a) | 8/1/2052 | BBB- | 2,600,000 | 2,598,528 | ||||||||
| Main Street Natural Gas, Inc. GA | 5.00% | #(a) | 5/1/2054 | A3 | 1,160,000 | 1,224,343 | ||||||||
| Maricopa County Pollution Control Corp.-El Paso Electric Co AZ | 3.60% | 2/1/2040 | Baa2 | 130,000 | 121,552 | |||||||||
| Maricopa County Pollution Control Corp.-El Paso Electric Co AZ | 3.60% | 4/1/2040 | Baa2 | 105,000 | 98,190 | |||||||||
| Minnesota Municipal Gas Agency | 5.00% | 9/1/2035 | Baa1 | 5,000,000 | 5,199,061 | |||||||||
| 16 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Credit Rating: S&P or Moody’s | Principal Amount | Fair Value | |||||||||||
| Utilities (continued) | ||||||||||||||||
| Ohio Air Quality Development Authority-Ohio Valley Electric Corp | 3.25% | 9/1/2029 | Baa3 | $ | 1,040,000 | $ | 1,034,468 | |||||||||
| Ohio Air Quality Development Authority-Ohio Valley Electric Corp AMT | 4.125% | 1/1/2036 | Baa3 | 950,000 | 948,390 | |||||||||||
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | #(a) | 12/1/2038 | B+ | 1,100,000 | 1,101,192 | ||||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority† | 5.00% | 7/1/2033 | NR | 1,000,000 | 1,046,272 | |||||||||||
| Southeast Energy Authority A Cooperative District AL | 5.00% | 11/1/2035 | Baa1 | 5,155,000 | 5,282,918 | |||||||||||
| Southeast Energy Authority A Cooperative District AL(d) | 5.00% | #(a) | 1/1/2056 | A1 | 1,500,000 | 1,537,113 | ||||||||||
| Tennessee Energy Acquisition Corp. | 5.625% | 9/1/2026 | BBB | (c) | 1,000,000 | 1,007,321 | ||||||||||
| Total | 41,451,462 | |||||||||||||||
| Total Municipal Bonds (cost $453,486,436) | 458,397,298 | |||||||||||||||
| WARRANTS 0.00% | ||||||||||||||||
| Construction & Engineering 0.00% | ||||||||||||||||
| BL Train Holdings West LLC* (cost $0) | 11.50% | 12/1/2035 | NR | 10,512 | 31,536 | (e) | ||||||||||
| Total Long-Term Investments (cost $453,486,436) | 458,428,834 | |||||||||||||||
| Interest Rate# | Interest Rate Reset Date(f) | Final Maturity Date | ||||||||||||||
| SHORT-TERM INVESTMENTS 0.76% | ||||||||||||||||
| VARIABLE RATE DEMAND NOTES 0.45% | ||||||||||||||||
| Utilities | ||||||||||||||||
| New York City Municipal Water Finance Authority – New York City Water & Sewer System (cost $2,100,000) | 3.500% | 5/21/2026 | 6/15/2041 | AA+ | 2,100,000 | 2,100,000 | ||||||||||
| See Notes to Schedule of Investments. | 17 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Principal Amount | Fair Value | ||||||
| REPURCHASE AGREEMENTS 0.31% | ||||||||
| Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $1,425,500 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $1,441,669; proceeds: $1,413,513 (cost $1,413,385) | $ | 1,413,385 | $ | 1,413,385 | ||||
| Total Short-Term Investments (cost $3,513,385) | 3,513,385 | |||||||
| Total Investments in Securities 99.63% (cost $456,999,821) | 461,942,219 | |||||||
| Other Assets and Liabilities – Net 0.37% | 1,702,021 | |||||||
| Net Assets 100.00% | $ | 463,644,240 | ||||||
| AG | AG Insured by Assured Guaranty, Inc. | |
| AMBAC | Insured by AMBAC Assurance Corporation. | |
| AMT | Income from the security may be subject to Alternative Minimum Tax. | |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. | |
| FGIC | Insured by Financial Guaranty Insurance Company. | |
| FHLMC | Insured by Federal Home Loan Mortgage Corporation. | |
| FNMA | Federal National Mortgage Association. | |
| GNMA | Government National Mortgage Association. | |
| NATL | Insured by National Public Finance Guarantee Corporation. | |
| NR | Not Rated. | |
| SIFMA | Insured by Securities Industry and Financial Markets Association. | |
| SOFR | Secured Overnight Financing Rate. | |
| TRIPS | Tax Refund Intercept Programs. | |
| YoY | Year on Year Inflation Rates. | |
| # | Variable rate security. The interest rate represents the rate in effect at April 30, 2026. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2026, the total value of Rule 144A securities was $99,558,535, which represents 21.47% of net assets. | |
| * | Non-income producing security. | |
| (a) | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. | |
| (b) | Securities purchased on a when-issued basis. | |
| (c) | This investment has been rated by Fitch IBCA. | |
| (d) | Municipal Bonds Held in Trust – Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. | |
| (e) | Level 3 Investment as described in Note 2(a) in the Notes to Schedule of Investments. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. | |
| (f) | The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index. |
| 18 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
April 30, 2026
The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s investments carried at fair value(1):
| Investment Type(2) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments | ||||||||||||||||
| Municipal Bonds(3) | $ | – | $ | 458,397,298 | $ | – | $ | 458,397,298 | ||||||||
| Warrants | – | – | 31,536 | 31,536 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| Variable Rate Demand Notes | – | 2,100,000 | – | 2,100,000 | ||||||||||||
| Repurchase Agreements | – | 1,413,385 | – | 1,413,385 | ||||||||||||
| Total | $ | – | $ | 461,910,683 | $ | 31,536 | $ | 461,942,219 | ||||||||
| (1) | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. | |
| (2) | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. | |
| (3) | Includes Municipal Bonds held in Trust. |
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation and a summary of unobservable inputs as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the period.
| See Notes to Schedule of Investments. | 19 |
Notes to Schedule of Investments (unaudited)
| 1. | ORGANIZATION |
Lord Abbett Trust I (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and was organized as a Delaware statutory trust on May 1, 2001. The Trust consists of eight funds as of April 30, 2026. This report covers Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund (the “Fund”). The Fund is diversified within the meaning of the 1940 Act. The Fund commenced operations on April 9, 2024.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
| (a) | Investment Valuation–Under procedures approved by the Fund’s Board of Trustees (the “Board”), the Board has designated the determination of fair value of the Fund’s portfolio investments to Lord, Abbett & Co. LLC (“Lord Abbett”) as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the “Pricing Committee”) that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used.
Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option-adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk
|
20
Notes to Schedule of Investments (unaudited)(continued)
| inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: |
| ● | Level 1 – | unadjusted quoted prices in active markets for identical investments; | |
| ● | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and | |
| ● | Level 3 – | significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
| A summary of inputs used in valuing the Fund’s investments as of April 30, 2026 and, if applicable, Level 3 rollforwards for the period then ended is included in the Fund’s Schedule of Investments. | |
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| 3. | FEDERAL TAX INFORMATION |
It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.
The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
| 4. | SECURITIES LENDING AGREEMENT |
The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.
21
Notes to Schedule of Investments (unaudited)(concluded)
The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.
As of April 30, 2026, the Fund did not have any securities on loan.
22
QPHR-EMYC-3Q
(06/26)